Company Briefs: OUE Commercial Reit

OUE Commercial Reit

OUE Commercial Reit delivered a sharp drop in distribution per unit (DPU), owing to lower earnings and revenue in the second quarter.

A private placement of units this year also affected the DPU which was 1.15 cents, down from 1.36 cents a year earlier.

Net property income for the three months to June 30 slipped 1.3 per cent from a year earlier to $34.8 million. Turnover declined by 3.2 per cent year on year to $44.2 million.

Quarterly earnings per unit rose to 0.88 cent from 0.72 cent in the previous year. Net asset value per unit dropped to 86 cents as at June 30, down from 93 cents as at Dec 31 last year. First-half net property income was 1.4 per cent higher than a year earlier at $69.4 million, as revenue rose by 0.5 per cent to $89 million.

Global Logistic Properties

Warehouse operator Global Logistic Properties (GLP) has appointed a new independent financial adviser, Evercore Asia (Singapore), to replace the Singapore branch of the ANZ Banking Group (ANZ).

ANZ was appointed on July 24 as the party to advise the firm on a $16 billion buyout offer for GLP by a consortium of investors, Nesta Investment Holdings. GLP said yesterday that the decision to replace ANZ followed clarification by the Securities Industry Council of Singapore (SIC) on whether ANZ can be considered independent. Although an ANZ entity outside of Singapore had a financial connection unrelated to the buyout offer with a member of Nesta Investment, ANZ felt it would not compromise the independence of the bank. However, the SIC indicated it did not consider ANZ to be independent, given the connection.

Sunningdale Tech

Earnings at mould manufacturer Sunningdale Tech more than doubled in the second quarter, owing to higher contributions from its automotive and consumer/IT segments.

Net profit for the three months ended June 30 jumped to $8.2 million from $3.8 million in the corresponding period last year. It was boosted by a 6.6 per cent year-on-year increase in revenue to $177.6 million in the second quarter, the firm said yesterday. First-half net profit spiked up by 115.2 per cent from a year ago to $15.9 million, as revenue climbed 6.6 per cent to $349.4 million. Quarterly earnings per share was 4.36 cents, up from 2.04 cents a year earlier, while net asset value per share dipped to $1.86 as at June 30, from $1.87 as at Dec 31 last year.

A version of this article appeared in the print edition of The Straits Times on August 03, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe